Chesebrough-Pond’s faces a hostile takeover bid.

American Brands, whose principal businesses are packaged consumer goods and financial services, announced Sunday that it will launch today a $2.8-billion, or $66-per-share, tender offer for Westport, Conn.-based Chesebrough-Pond’s. The offer will be made through a wholly owned CP Acquisition Corp. “During the past several days, we engaged in discussions with Chesebrough, seeking to find a basis for a negotiated merger,” said Edward W. Whittemore, chairman and chief executive of American Brands. “We even offered to increase our price to $69 per share under certain circumstances. Unfortunately, Chesebrough rejected our proposal. We therefore have decided to proceed with our $66-per-share offer.” The offer and withdrawal rights will expire Dec. 29. Chesebrough-Pond’s has a consumer products group and a chemical products group.